The poll of 135 GPs by accountancy firm HW Fisher and Company found that 87% of respondents plan to remain on the 1995 pension plan, rather than take up the 2008 plan.
Many GPs said a key reason for choosing to stay on the old plan was that the final year’s pensionable pay was more attractive than reckonable pay.
Other reasons for staying with the old plan included the ability to make Additional Voluntary Contributions, as well the ability to retire at a younger age.
Naresh Samani a partner at HW Fisher and Company, said: ‘It’s no real surprise that the vast majority of GPs who have the choice to make are going to stay in the old plan, as it’s considerably more flexible and financially beneficial.
‘What concerns me is that nearly two thirds of GPs feel they are not investing enough for their retirement, which is unfortunate given the extreme tax-efficiency of the superannuation scheme.’
- Would you like to know how the changes to the NHS pension affect you? Book at place at our Pensions Conference. A One Day Conference, 15 September 2011, Hammersmith, West London